Siemens Energy: 1.34 Million Shares Repurchased as Grid Capacity Tender and Annual Results Diverge

Siemens Energy bought back 1,337,076 of its own shares last week, according to an interim report published yesterday. The disclosure confirms the group is pressing ahead with its repurchase programme in the run-up to full-year results — a completed capital measure that stands apart from the operational questions still waiting on the 11 November calendar.

Buyback Programme Passes Its Latest Milestone

Since the programme began on 24 September, the Munich-based company has acquired a total of 5,850,308 treasury shares, with the reported holdings running through to 1 November inclusive. The latest filing therefore documents continued execution rather than a mere declaration of intent.

Purchases were spread across every trading day of last week, with Siemens Energy using several venues including Xetra. No single block trade sat behind the weekly volume. Reported daily average prices ranged from EUR 122.6675 to EUR 135.7774 — actual transaction conditions, not price targets, and no statement by the company on what the shares are worth.

A Tender That Is Not an Order

Attention also turns to an expected announcement from Germany's Federal Network Agency, which media reports suggest will name the winning projects in the first round of tenders for new power plant capacity above 4.5 GW. Siemens Energy is not bidding for the capacity payments itself. Any opportunity lies further down the chain — in supplying turbines and generators, and in servicing the plants.

That distinction matters. The announcement, if it comes, would not be an order notification for Siemens Energy; it would concern the successful projects, with any resulting business a separate question. A winning bid by a plant developer does not translate into a supply contract, and the capacity payment itself would not be a cash inflow to the company. The date offers a reason to watch the equipment side of the story, not grounds to book potential orders as secured revenue.

Two Dates, Two Different Questions

The next confirmed company event follows on 11 November, when Siemens Energy publishes results for fiscal 2025/26 and the fourth quarter at 07:00 CET, with the balance-sheet press conference beginning at 08:00 CET. Unlike the tender decision, this date bears directly on how the business has performed. The two should not be conflated: the auction may open a prospect for future deliveries, while the financial report will show how the company actually developed over the completed year.

The stock recovered in Xetra trading yesterday, according to media reports, without any new company-specific trigger being cited. The move therefore offers no evidence that additional orders or fresh figures have already been priced in.

Analysts Divided Ahead of the Numbers

DZ Bank raised its fair value to EUR 157 on 8 October while reaffirming its "Hold" rating. Analyst Alexander Hauenstein expects a slight beat of the already upgraded guidance for fiscal 2025/26, forecasts roughly in line with consensus for the following year, and an uplift to the medium-term targets. That is an expectation ahead of the numbers, not a resolved target.

Bank of America remains optimistic with a EUR 250 price target, while other analysts point to limited margins. The continuing buyback thus sits alongside a still-unsettled debate over earnings prospects. On 11 November, Siemens Energy intends to publish both its annual figures and its strategic goals through 2030 — the point at which the company's own commitments, rather than analyst projections, will have to carry the weight.